The Economic Offences Wing (EOW) of the Mumbai Police has filed a comprehensive 12,634-page chargesheet in the ₹122 crore New India Cooperative Bank embezzlement case. The chargesheet, submitted to the 47th Metropolitan Magistrate Court, names 10 primary accused involved in the misappropriation of funds from the bank’s Prabhadevi and Goregaon branches.

Hitesh Mehta – Former General Manager and Head of Accounts at the bank.

Abhimanyu Bhoan – Former CEO of the bank.

Dharmesh Paun – Real estate developer.

Hiren Bhanu – Former Vice-Chairman of the bank.

Gauri Bhanu – Wife of Hiren Bhanu.

Unnathan Arunachalam – Businessman.

Manohar Arunachalam – Son of Unnathan Arunachalam.

Kapil Dedhia – Civil contractor.

Javed Farooq Azam.

Ravivaranjan Pandey.

The scam came to light during a Reserve Bank of India (RBI) inspection on February 12, 2025, which revealed that ₹122 crore in cash was missing from the bank’s safes. The EOW’s investigation uncovered that the accused had committed criminal breach of trust and misappropriated the funds. Several individuals, including Ajay Singh Rathore, Pawan Jaiswal, Shaukat Jamadar, and associates from accounting firms, have been marked as absconding.

The case is currently being pursued in the 47th Metropolitan Magistrate Court.

Sources